VC in Los Angeles
Hi my name is Marina
I have a question on the process of getting a VC. For example: I'm looking at properties that I think would be good for fix and flip in Los Angeles because that is where I live. Now the properties here are expensive and I don't have enough money saved for a hard money loan at 20% down and the rehab. If a house is 500K then I need 100k down, 2pts, holding cost, and money to fix the place. That would be 150-200k.
So my question is: Do I look for a property, put an offer, get accepted and then look for a VC (someone to invest with me or private money). Or do I find a VC and then look for a property?
If I find the property firs and then look for VC and I can't find one in time to close what do I do? I wouldn't want to be in the situation that I have a property with an accepted offer and can't close on it because I don't have enough cash in my bank.
Please help I'm stuck.
I hope I have not confused anyone but at this point I'm very confused myself.
thanks